2 arrested for Rs 140cr input tax credit frauds

Mumbai: Central GST authorities have arrested two men in separate cases for allegedly availing fraudulent input tax credit amounting to a total Rs 140 crore through fictitious transactions. Hitesh Vasa and Ashok Oza generated fake invoices worth Rs 760 crore to commit the fraud, said officials, adding that they have been remanded to jail custody.
CGST officials were examining bogus firms involved in the fraud when they found that Vasa and Oza were running multiple shell firms to avail fraudulent input tax credit without actual movement of goods and services.They were operating a total of 92 dubious companies.
The Palghar CGST Commissionerate took action against the alleged racket operated by Oza, which involved the issuance of fake invoices worth Rs 320 crore. They had passed Rs 48 crore through 70 shell firms. In the second case, the Thane CGST Commissionerate arrested Vasa who had allegedly registered 22 non-bonafide companies. Vasa was also involved in circular trading to inflate the turnover of the non-genuine firms registered by him and was handling the operations of all 22 firms from a single premises in Borivli, said officials.
Mumbai: Central GST authorities have arrested two men in separate cases for allegedly availing fraudulent input tax credit amounting to a total Rs 140 crore through fictitious transactions. Hitesh Vasa and Ashok Oza generated fake invoices worth Rs 760 crore to commit the fraud, said officials, adding that they have been remanded to jail custody.
CGST officials were examining bogus firms involved in the fraud when they found that Vasa and Oza were running multiple shell firms to avail fraudulent input tax credit without actual movement of goods and services. They were operating a total of 92 dubious companies.
The Palghar CGST Commissionerate took action against the alleged racket operated by Oza, which involved the issuance of fake invoices worth Rs 320 crore. They had passed Rs 48 crore through 70 shell firms. In the second case, the Thane CGST Commissionerate arrested Vasa who had allegedly registered 22 non-bonafide companies. Vasa was also involved in circular trading to inflate the turnover of the non-genuine firms registered by him and was handling the operations of all 22 firms from a single premises in Borivli, said officials.